Bad Credit Auto Loans in Brookhaven (MS)

When it comes to financing a car in Brookhaven, not many firms have optimized the process like ours has. We work with a vast network of dealers and lenders, and we have some of the highest success rates in the market. You will enjoy the convenience of working with a dedicated lending consultant who can answer any questions you have and arrange your loan.

Cars Both New and Used in Brookhaven

Have you decided what kind of car or truck you want? Do you want it to be used or new? Regardless of elevated rates of interest, used cars cost you less, as this table reveals.

New Car 1 Year Old 2 Years Old 3 Years Old
Price $7,440 $5,580 $4,464 $3,720
Down Payment $1,488 $558 $446 $372
Interest Rate 5.00% 7.50% 7.50% 7.50%
Duration 5 years 4 years 4 years 4 years
Monthly Payment $112.32 $121.43 $97.14 $80.95
Finance Charge $787 $806 $645 $538
Overall Cost $8,227 $6,386 $5,109 $4,258

An auto finance professional can help you determine the type of vehicle that would suit you best. To speak with one, submit your application.

Brookhaven Car Loans with Bad Credit

For those who have below-average credit, a bank-financed loan typically isn’t an option. Obviously, you don’t want to waste a lot of time looking for a bank or dealer in Brookhaven that will work with subprime borrowers. Odds are we can place your application with a lender or dealer in your area who is ready to fund your loan.

They now say that 1 in 5 people has at least one mistake on their credit report, as reported by one, two, or all three of the leading credit agencies.

Luckily, it doesn’t take very long to notify the credit bureaus of any kind of inaccuracies, and doing it could contribute to:

  • More affordable APR rates
  • Lesser down payments
  • Bigger loan principal

Brookhaven Buy Here Pay Here Financing

In house financing, otherwise known as buy here pay here financing, has boomed in the years following the recession, largely due to the fact that so many consumers’ credit scores were impacted by the economy. These types of dealers grant car loans on site, in contrast to traditional dealerships which work with banks and other lenders, and they typically don’t do credit checks.

Drawbacks include:

  • Exorbitant Interest
  • Extortionate Down Payments
  • Steeply-Priced Autos
  • Aggressive Repossession Tactics

Worst of all, these dealers rarely report back to the credit reporting agencies, and that means you could make all of your payments in a timely manner without a boost to your credit score.

Brookhaven Consumer Profile

  • Gross annual Income: $8,931
  • Income Per Month: $744
  • Typical Car Payment: $82
  • Optimal Car Payment: $37 to $74 (5-10% of monthly income)

Brookhaven Auto Loan Rates and Payments

Consider this table, which displays what price car you can get financed based upon your credit rating, along with an income of $744 each month, 60 month term, and 20% due at signing.

Good Credit Okay Credit Bad Credit
Monthly Income $744 $744 $744
Monthly Installment $60 $60 $60
Loan Rate 3.50% 7.00% 11.00%
Sticker Price $4,090 $3,757 $3,422
Down Payment $818 $751 $684
Total Interest $299 $565 $834
Total with Interest $4,389 $4,323 $4,256

Ready to Have Your Credit Approved?

We work with dealers and lenders who are willing to fund your loan. There isn’t any fee to apply, and you could be choosing your new car or truck within 24 hours.